Latest news with #WeilGotshal
Reuters
10 hours ago
- Business
- Reuters
European corporate distress index rises to nine-month high, Weil index shows
LONDON, June 26 (Reuters) - Corporate distress levels in Europe rose to a nine-month high in the three months to the end of May, an index compiled by law firm Weil, Gotshal & Manges shows, driven by an uncertain economic outlook hampered by U.S. trade and geopolitical risks. The Weil European Distress Index (WEDI) uses data from more than 3,750 listed European companies to monitor 16 indicators reflecting symptoms of corporate distress while considering metrics such as liquidity, profitability, risk and valuation. The index rose to 4.1 from 3.8 at the end of the previous three-month period, suggesting increased probability of higher default rates on corporate debt. Distress among retail and consumer goods businesses climbed to its highest since September 2009, the WEDI quarterly report showed. The sectoral downturn has been driven by factors such as tight credit conditions and weakening consumer demand, the report said. Germany remained the most distressed market in Europe with levels rising to their highest since May 2020, when the global economy was ravaged by the COVID-19 pandemic. Europe's biggest economy has contracted for two straight years, though massive fiscal stimulus has boosted confidence in its growth outlook. Weil also flagged downgrades to Europe's growth outlook as well as elevated geopolitical uncertainty as factors contributing to rising corporate distress.
Bloomberg
11 hours ago
- Business
- Bloomberg
European Retail Distress Has Overtaken Industrials, Real Estate
Retail is now the most distressed sector in Europe, overtaking industrials and real estate companies, according to Weil, Gotshal & Manges ' latest measure of corporate distress in the region. Retail and consumer goods companies are suffering from weak discretionary spending, margin compression and tightening credit conditions, the report said, pushing distress to the highest level since the global financial crisis in 2009. The deterioration has been rapid, with retail jumping two spots among sectors in Weil's European Distress Index since the firm last published the report in April.
Yahoo
25-05-2025
- Business
- Yahoo
FGIC Announces TSA Termination
NEW YORK, May 25, 2025--(BUSINESS WIRE)--Financial Guaranty Insurance Company ("FGIC") announces today that it has terminated the Transaction Support Agreement dated as of February 29, 2024 (the "TSA"), among FGIC and certain holders of outstanding FGIC-insured securities and units issued by the Custodial Trusts holding Puerto Rico-related securities insured by FGIC, regarding a potential transaction that would have accelerated the run-off of FGIC's insured portfolio in accordance with the terms of the TSA. The termination will be effective as of May 30, 2025. While FGIC remains open to exploring potential alternative transactions, FGIC will continue the long-term run-off of its remaining insurance policies, including seeking to reduce or otherwise resolve remaining policy obligations through consensual transactions on terms that are favorable to FGIC, in accordance with the terms of the First Amended Plan of Rehabilitation for FGIC, dated June 4, 2013. About FGIC FGIC is a New York stock insurance corporation and a wholly owned subsidiary of FGIC Corporation. FGIC emerged from rehabilitation on August 19, 2013, and is responsible for administering its outstanding insurance policies in accordance with the terms of the Rehabilitation Plan. Please visit Additional Information: Weil, Gotshal & Manges LLP is serving as counsel and Houlihan Lokey Capital, Inc. is serving as financial advisor. FORWARD-LOOKING STATEMENTS This notice contains "forward-looking statements" – that is, statements related to possible future events. Forward-looking statements often address expectations and beliefs as to future performance, results and business plans. You should not place undue reliance on forward-looking statements because they speak only as of the date they are made and are necessarily subject to risks and uncertainties that could cause actual results and performance to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are based upon FGIC management's current expectations and beliefs concerning future events. FGIC undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. View source version on Contacts Investor and Media Contacts:Investor Relations: Winston Wohr, +1 212.312.2776 or FGICinfo@ Press Relations: +1 212.312.2775 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
